For many homeowners, insurance is a “set it and forget it” expense. Once the policy is in place, it often stays untouched for years until something goes wrong.
But your home, your finances, and even the cost to rebuild your property are constantly changing. That is why reviewing your homeowners' insurance annually is one of the most important, and often overlooked, steps in protecting your biggest investment
Here is why an annual review matters, especially for homeowners in areas like Reno and Northern Nevada, where market values, weather risks, and rebuilding costs continue to shift.
Construction costs have fluctuated significantly over the past few years. Labor shortages, material prices, and supply chain issues can all affect the cost to rebuild your home after a loss.
Your insurance coverage should reflect reconstruction cost, not just market value.
If your policy has not been reviewed recently, you may be underinsured without realizing it. This leaves you responsible for a potentially large out-of-pocket gap after a major claim.
Any upgrades you have made could affect your coverage, including:
If your insurer is unaware of these improvements, they may not be fully covered.
An annual review ensures your policy reflects the true value of your home today, not what it was worth when you first purchased it.
Most homeowners underestimate the value of what is inside their home.
Items that commonly exceed standard policy limits include:
A yearly review helps identify whether you need riders, endorsements, or updated personal property limits.
As property values and legal costs rise, liability exposure increases.
You may want to revisit liability coverage if you have:
Many homeowners discover that increasing liability limits is surprisingly affordable and provides meaningful financial protection.
Insurance carriers frequently update:
A quick annual conversation with your agent can uncover savings or better coverage structures that did not exist when you first obtained your policy.
Living in Northern Nevada brings unique considerations, including:
Coverage availability and underwriting guidelines can change as insurers adjust to regional risk patterns. Reviewing your policy ensures you remain properly protected as these risks evolve.
If you have an escrow account, your lender may periodically reassess insurance requirements. Ensuring your coverage meets replacement cost and deductible guidelines can prevent last-minute surprises or forced policy adjustments.
To make the conversation productive, consider asking:
Click below to watch my podcast on the top seven items homeowners need to do this quarter. We highlight the importance of checking your insurance coverage and other must-do items for homeowners. Click to watch! ⬇️
Your homeowners' insurance is not just another bill. It is your financial safety net.
A quick annual review can uncover coverage gaps, identify savings opportunities, and provide peace of mind knowing your home and finances are properly protected.
For homeowners, especially in fast-changing markets, this small habit can prevent major financial stress later.
If you have any questions or need any guiadence please do not hesitate to reach out! I am always here as a resource.
📞 Call or text: (775) 525-0309
📧 Email: Ken@livinginsouthreno.com
The Angst Real Estate Team is the top real estate authority in Northern Nevada and is always available to answer your real estate questions. Send us an email or call/text at (775) 525-0309 for a free, no-obligation consultation. Be sure to like and subscribe to our YouTube Channel as well. Our channel is the place to go for the latest information on the dynamic and diverse Reno/Sparks Real Estate Market. We frequently post video podcasts about important topics that matter to our Reno/Sparks Real Estate Tribe. Let's embark on this real estate journey together!
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